Types Of Credit Cards In India | Different & Best Credit Cards In India
Types of Credit Cards in India
What Is a Credit Card?
A credit card is a suitable replacement for cash or cheque in the form of a plastic token, with a magnetic strip on which a machine decipherable code is written. As credit cards have come to the rescue of people with hot pockets, they are slowly and steadily replacing the paper currency nowdays. There are so many types of credit cards available in India for you to choose from, so here we are, to help you select the best credit card that suits your needs among the different categories.
The Different Types Of Credit Cards In India Are:
- Silver Credit Cards
- Gold Credit Cards
- Classic Credit Cards
- Credit cards for Women
- Titanium Credit Cards
- Platinum Credit Cards
- Auto/Fuel Credit Cards
- Balance transfer Credit Cards
- Contactless Credit Cards
- Travel Cards
- Business Credit Cards
Silver Credit Cards
Anyone with the work experience of around 4 to 5 an ostensible salary can apply for the silver credit. Having stable credit records, it is easy for remunerated employees to obtain this type of credit card. These cards have a low membership fee and there is no interest charged for the preliminary 6 to 9 months.
Gold Credit Cards
Individuals with higher and stable income can secure a gold credit card from any bank in India. Claimant for any type of gold credit card ought to have clean credit records. There are some common characteristics of a gold credit card that are different than the credit cards of categories, such as they have a rather high cash withdrawal and credit limit. Some other facilities are also offered such as add on card facility for family members, travel insurance and many other rewards.
Classic Credit Cards
Classic credit cards are unique in a way as they do not charge any kind of annual fee and the joining charges or the member ship fees is very low along with the many provided facilities such as worldwide acceptance, circling credit, cash advance, interest free credit period, rewards plan, supplementary cards, indemnity and a devoted 24/7 customer care service.
Credit cards for Women
To make sure that their female customers get the maximum benefits, various banks have initiated credit cards that are solely deliberated for women. These cards mainly focus on shopping rewards and cash back offers and bonus reward points, fuel surcharge waiver, insurance, etc are some of the additional benefits that cardholders get. They can also earn reward points when they make purchases using their credit cards.
Titanium Credit Cards:
Titanium credit cards are first-class cards that are packed with privileges and benefits. The Titanium Rewards program is the major benefit that is offered to the customers. This rewards program comprises accumulation of rewards points, emancipation for rewards, cash back offers, etc. Other benefits that come with any Titanium credit card are supplement waivers, circling credit, interest free credit period, annual charge reversal, add-on card benefit, health and beauty offers etc.
Platinum Credit Cards:
Platinum card is one of the most admired credit cards and is owned by countless people on grounds of the number of benefits and privileges it offers are more than any other. The benefits include lifestyle, dining, shopping and entertainment offers, etc. The annual, joining and renewal fee of Platinum cards are a little higher compared to other types of credit cards.
Every Platinum credit card comprises of an exceptional welcome package, gift vouchers from retail brands, regular rewards, hastened rewards points, cash back offers, precedence Pass membership with access to premium airport lounges, renewal gift vouchers, easy cash withdrawals, fuel surcharge waiver, add-on cards for family, emergency card replacement services, etc. Platinum card members generally also get other exclusive privileges, deals and offers with every card availed, depending on the financial institution they are banking with.
Auto/Fuel Credit Cards
This card assists customers to save on refueling by rewarding them with cash back offers and fuel appendage waivers. Some banks also offer accelerated rewards points on fuel transactions, if they are made at particular petrol pumps across India. The accumulated rewards points can be cashed in for refueling for a fixed value.
The annual membership fees charged on the auto credit cards is very low. These cards can also be used as normal credit cards for shopping and other purchases. As a greeting offer, these cards come packed with preloaded amount of cash and they also have auto top-up feature. Users can redeem reward points on top-ups and other transactions. Some cards also offer annual renewal deals, add-on card feature and appendage waivers to cardholders.
Balance transfer Credit Cards
Banks provide credit balance transfer facility on most credit cards. Charging nominal amount, this feature allows cardholders to transfer the outstanding balance from one card to another, availed with another bank. Repayments using the new card can be done in particular tenures at low interest rates. Most balance transfer plans do not charge any interest for the first three months of repayment and after that they charge a reasonable interest on the outstanding balance
Contactless Debit Cards
Contactless credit cards are based on the contactless radio waves technology- NFC or Near Field communications. This technology uses radio transmission to generate contact at the time when cards are waved near a POS terminal. So, customers with Contactless debit cards will be able to make transactions by just waving a card instead of swiping it. After this is done, the user has to enter the PIN to complete the transaction. One big benefit of owning a contactless debit card is the fact that the cardholder will also be able to make normal transactions by swiping the card.
Travel Credit Cards
Travel credit cards are admired due to the unrestricted travel benefits they offer. These cards don’t just provide travel benefits in India, but overseas as well. Most banks have collaboration with airline companies or travel companies to offer travel credit cards. When customers use this card to make travel transactions, they can earn air miles. Apart from this, some travel cards provide access to airport lounges to the users. The reward points that clients earn on these cards can be transformed to air miles, which can then be used to reserve flight tickets and upgrade seats. Travel cards also provide hotel and holiday offers, golf offers, dining offers, travel insurance, etc.
Business/Corporate Credit Cards
These credit cards are offered to business corporations, business industries and financial institutions where the owner can offer credit cards to their staff and also easily manage the finances on the card. These cards cannot be used by the staff for individual transactions and are legitimate only during their employment period with the company. The privileges offered on corporate cards are hotel accommodation and travel deals, business savings plans, expense management, insurance, fuel surcharge waivers, airport lounge access, rewards programs, cash advance, add-on cards, bill payments and options to convert purchases into monthly installment. Some Companies also get their name embossed on these credit cards.